Limited liability partnership in India

There are many business relationships existing in today’s world. The oldest form of business relationships is Partnership. In terms of complex business, limited liability companies have replaced partnerships but still, the partnership is preferred for business enterprises and small trading for professionals worldwide. But nowadays partnership has lost its demand primarily for “unlimited liability of partners.” In case any liability arises, each partner in the company has the risk of exposure of personal assets. Since 1907, there have been reviews on partnership in various countries carried out by law commissions for modernization.